The Committee on Ways and Means proposes the following Amendment No. to S. 677 (COUNCIL\DG\677C001.NBD.DG21):

Reference is to Printer's Date 4/7/21-S.

Amend the bill, as and if amended, by striking SECTION 1 and inserting:

/ SECTION 1. Section 12-2-100 of the 1976 Code is amended to read:

"Section 12-2-100. (A)Unless otherwise provided by law, a tax credit administered by the department must be used in the year it is generated and must not be refunded.

(B) A tax credit earned by a partnership or limited liability company taxed as a partnership pursuant to Sections 12-6-3535, 12-6-3795, or 12-65-10, including any unused credit amount carried forward, may be passed through to the partners or members and may be allocated among any of its partners or members on an annual basis, including, without limitation, an allocation of the entire credit to any partner or member who was a partner or member at any time in the year in which the credit or unused carryforward was allocated. The allocation must be allowed without regard to any provision of the Internal Revenue Code, or regulation promulgated pursuant to it, that may be interpreted as contrary to the allocation, including, without limitation, the treatment of the allocation as a disguised sale." /